EIB in the EUR bond market

After the inception of the EUR at the beginning of 1999, the EIB was the first non-government borrower to arrange a large-scale programme for the regular issuance of benchmark transactions - Euro Area Reference Notes or "EARNs" in the new currency. Today, the EIB has a complete and liquid quasi-sovereign yield curve in EUR, with currently 14 benchmarks and a total outstanding of EUR 70 billion (as per end 2006). The benchmarks cover maturities from 2007 to 2037.

All EARNs are traded via the EMTS network. Thirteen of them (Eurobenchmarks") have a size of EUR 5 billion or more and are therefore traded on the most liquid portion of the network ("benchmark bonds"), alongside reference government bonds. Institutional investors who are not members of MTS can trade EIB bonds electronically via BondVision and TradeWeb, multicontributor trading links with MTS-dealers via the Internet.

EMTS prices are available via both Bloomberg and Reuters. General information on prices can be found on Bloomberg, EIB<GO>. On the "International Yield Curve" screens (IYC<GO>) the EARN curve is tracked alongside reference government yields and swap rates. Real time updates on benchmark issues can be obtained from Reuters page EIBEARN01 (bid and offer prices indicated by EIB bond dealers). The EIB is not responsible for the accuracy of such price quotations.

EUR Benchmarks
Click on EARNs programme for general information on EARNs; click on the ISIN codes below for more details on individual bonds (documentation available for most issues). Outstanding amounts updated on issue value date. Securities denoted in red have been issued in global format.